how they (and you) caused the Great Recession, and how we can prevent it from happening again /
First Statement of Responsibility
Atif Mian and Amir Sufi
PHYSICAL DESCRIPTION
Specific Material Designation and Extent of Item
219 pages :
Other Physical Details
illustrations ;
Dimensions
24 cm
INTERNAL BIBLIOGRAPHIES/INDEXES NOTE
Text of Note
Includes bibliographical references (pages 191-207) and index
CONTENTS NOTE
Text of Note
A scandal in Bohemia -- Busted -- Debt and destruction -- Cutting back -- Levered losses: the theory -- Explaining unemployment -- Boil and bubble -- The credit expansion -- Conduit to disaster -- Debt and bubbles -- Stopping the cycle -- Save the banks, save the economy? -- Forgiveness -- Monetary and fiscal policy -- Sharing
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SUMMARY OR ABSTRACT
Text of Note
Though the banking crisis captured the public's attention, Mian and Sufi argue strongly that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit is disastrously counterproductive when the fundamental problem is too much debt. Excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt